Oilfields’ Privatisation Aimed At Raising Domestic Output: DGH

The chief of the Directorate General of Hydrocarbons has said the government is following a transparent method to pick state firms’ oilfields for privatisation with a single aim of raising local output, rebutting ONGC executives’ charge that the government is not being fair in proposing to take away its fields.

“The entire effort is to raise production from the mature and declining fields of ONGC and Oil India,” Atanu Chakraborty, director general of DGH, told ET.

“The government will follow transparent and objective criteria to pick fields. The extent of reserve, extraction and rate of recovery will be the key criteria,” he said.

DGH is the technical arm of the oil ministry and is leading the government’s efforts in preparing a policy that would give private firms control over some of the key producing fields of ONGC and Oil India. Read More…